Eastvale CA Housing Market is Healthy

Eastvale CA Housing Market is Healthy

I been asked the question ... how is the market and where do you think it is heading?  I have to disclose first and foremost that I don't have a crystal ball; however, from all the activities that I see during my open houses...the market is healthy and going strong.

I have to admit that June was a slower month, however it seems to have picked up in activity during July and it is continuing during the month of August. One thing I did notice for the month of August, is that prices are leveling off. We are not seeing that much increase in asking price for homes in Eastvale CA. As a matter of fact, just last week, there were 31 homes which decreased their listing price to be more in line with the actual market value of their homes. I always tell my sellers, if you want to be competitive in this market, then list your property with the correct asking price. You want to SELL your home, not just List it.

The Eastvale / Corona market seems to be in line with what is happening across the country. I read the article below by KCM ( Keeping Current Matters) and they are also stating that the market is healthy and strong. Buyers are flooding open houses,  prices seem to be stabilizing, new construction is at its highest level in eight months and existing home sales are up.  There is definitely a lot of buyers looking to buy, with more inventory coming out every week in Eastvale CA. This shows me that buyers are more selective and are not rushing to purchase as they were at the beginning of the year.

I am not saying that it is a buyer's market but I definitely can state that it no longer is a seller's market in Eastvale Ca. Home prices are leveling out and I actually have seen a little dip in prices for homes over 3500sqft. The price is hovering around the low $500k instead of mid $500k during June. For Eastvale homes, this is a great opportunity for buyers looking to relocate their family to our city.

If you are thinking of selling or buying a home in Eastvale CA, allow the Eastvale Team Realty help you with your purchase. Your satisfaction is our promise.

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A ‘Soft’ Housing Market? We Beg to Differ!

Posted: 25 Aug 2014 04:00 AM PDT

There are some pundits lamenting the softness of the 2014 housing market. We can’t understand why. Though it is true that the early part of the year disappointed because of a myriad of reasons (ex. weather, lack of inventory, less distressed sales), the recent housing news is extremely encouraging. Let’s give some examples:

Spring Home Buying Season is Healthiest in 3 Years

Move, Inc. just last week revealed that this spring’s housing market finished stronger than any time in the last three years. In the report, Jonathan Smoke, chief economist for realtor.com explained:

"This is the first time, since the beginning of the recovery that we expect to see positive momentum throughout the second half of the year. While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum."

 

Existing Home Sales are Up

In their latest Existing Home Sales Report, the National Association of Realtors (NAR) announced existing-home sales increased in July to their highest annual pace of the year. That is even though distressed property sales fell to 9%, the first time they were in the single-digits sinceNAR started tracking the category in October 2008. Lawrence Yun, chief economist for NAR explained:

“The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market. More people are buying homes compared to earlier in the year and this trend should continue.”

 

New Construction Surging

According to an article on Market Watch, new constructing is surging:

“Construction on new U.S. homes jumped 15.7% in July to the highest level in eight months and starts were revised up sharply for June, indicating a pickup in home building after an early-year lull. Housing starts climbed to an annual rate of 1.09 million last month…Economists surveyed by MarketWatch had expected starts to climb to a seasonally adjusted 975,000 in July.”

 

Foot Traffic at Year High Numbers

Foot traffic (the number of people out actually physically looking at homes) has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.

The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last twelve months which includes the latest spring buyers’ market.

Bottom Line

The spring market finished stronger than at any time in the last three years. Home sales are at year long highs. New construction is beating estimates. There are more buyers out than at any time in the last twelve months.

We think the housing market is doing just fine.